Mahindra Last Mile Mobility (LMM), a part of Mahindra & Mahindra, stated in a press release dated 24th April 2023 that it has held the ground-breaking ceremony for its upcoming Electric Vehicle (EV) manufacturing unit in Zaheerabad, Telangana.
Mahindra LMM to Produce EVs & Allied Electronics at Zaheerabad Unit
Mahindra LMM’s upcoming unit will be developed at its existing facility in Zaheerabad, Telangana. This new unit will cater to the production of 3 and 4-wheeler EVs. The company had announced in February 2023 that it would invest Rs. 1,000 crore over a period of 8 years for the development of this unit.
The company further stated that this upcoming unit will also produce associated electronic items, battery packs and drivetrain components for Mahindra LMM’s EVs. Moreover, this new unit will create employment opportunities for approximately 800 to 1,000 people.
Speaking at the ground-breaking ceremony, Ms. Suman Mishra, CEO of Mahindra Last Mile Mobility said, “Mahindra Last Mile Mobility is at the forefront of India’s 3-wheeler electrification journey”. She further said that Telangana state government through its infrastructural and policy support has helped develop Zaheerabad as a major EV production centre.
Major Recent Investments Secured by M&M’s EV Business
British International Investment to Invest Rs. 1,925 Cr. in M&M’s EV Segment
M&M had stated in a press release dated 22nd July 2022 that it has executed a binding agreement with British International Investment (BII) as per which the latter would be investing Rs. 1,925 crore in M&M’s 4-wheeler EV business.
Later, on 21st February 2023, M&M clarified in a stock filing that this investment is set to be made in two tranches, the first one of which will entail the investment of Rs. 1,200 crore by 30th June 2023. Subsequently, the remaining amount of Rs. 725 crore will be invested by BII after the fulfilment of requisite conditions and milestones.
IFC to Invest Rs. 600 Cr in Mahindra LMM’s EV Business
On 22nd March 2023, M&M stated in a press release that International Finance Corporation (IFC), an arm of World Bank Group will invest Rs. 600 crore in EV business of Mahindra LMM. Following this investment, IFC will hold 9.97% to 13.64% stake in Mahindra LMM.
About Mahindra Last Mile Mobility: Mahindra Last Mile Mobility, is a division of Mahindra & Mahindra. Its headquarter is in Mumbai and working in the field of providing last mile mobility solutions (3 and 4-wheelers) using CNG, petrol, diesel, sustainable mobility technologies, green mobility solutions and related components.
About Mahindra and Mahindra: Mahindra & Mahindra is one of the largest vehicle manufacturing company in India. It was established in 1945 and its headquarter is in Ludhiana, Punjab. The company has been working across various sectors including aerospace, industrial equipment, commercial vehicles, defence etc.